Key facts
- SAFE's draft would let payment institutions serve market procurement trade and comprehensive foreign trade services, beyond e-commerce.
- The draft widens agency services for personal forex business to payments, transfers and cash deposits and withdrawals.
- Insurers could net cross-border reinsurance receipts, payments, claims and fees against the same counterparty.
- The draft lowers the threshold for domestic forex settlement on operating leases and widens insurers' forex account use.
- Procedures for foreign exchange at international sporting events would be simplified under the proposals.
- The consultation runs through December 1, per the draft notice.
China's State Administration of Foreign Exchange released a draft notice for public consultation on November 2 setting out nine measures to facilitate current-account foreign exchange transactions, the regulator said. The proposals aim to broaden the applicable scenarios, scope and types of services and to reduce businesses' settlement and transaction costs.